Chicago Spire Developer Settles Restructuring Dispute

Law360, New York (March 12, 2014, 2:37 PM EDT) -- The developer of the long-stalled Chicago Spire condo tower, set to be the tallest building in the Western Hemisphere upon completion, unveiled a preliminary agreement to resolve a clash over the restructuring of its financing in Illinois bankruptcy court Monday.

Under the terms of the deal, for as much as $135 million in new funds for Shelbourne North Water Street LP to pay off its creditors and potentially finish construction on the 150-story building along the shores of Lake Michigan.

The new cash would be provided...
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